Dutch startup Guts Tickets is one of the companies exploring blockchain technology’s potential for the music industry – but in its case, the focus is on selling tickets rather than recorded music.
The company has just raised $2.5m through 2017’s buzziest funding mechanism: an initial coin offering (ICO). However, this is just from the pre-sale: Guts Tickets says it expects to raise another $17m when the ICO gets officially underway on 17 November.
As we reported when we discovered the company in February, Guts is an online ticketing platform using blockchain technology and cryptocurrency to combine primary and secondary ticketing, with the aim of squeezing out touts and generating more money for event organisers and artists.
The company claims that it will sell more than 1m tickets through its service by 2019.
“We want to be the most transparant and honest ICO out there. Very little ICO’s have an actual working product and clients. We do,” co-founder Tom Roetgering told Music Ally.
“Our main goal is convince the community that we are a legit project and there is no money grabbing involved… We want to do it the right way, all the way.”